oil fund

STATE OIL FUND OF THE REPUBLIC OF AZERBAIJAN

The Decree of the President of the Republic of Azerbaijan on the Approval of the Budget of the State Oil Fund of the Republic of Azerbaijan for 2012 (29.12.2011)

According to the article 109, paragraph 32 of the AR Constitution, for formation of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2012 and for efficient management of the Fund’s assets, it is hereby decreed:

1. To approve the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2012 including 10 697 030.6 thousand manats in revenues and 10 561 304.0 thousand manats in expenditures.

2. To define that the incomes of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2012 are established out of the following revenues:

№

Revenues

Amount
(in thousand manats)

2.1

Proceeds from sales of the Republic of Azerbaijan's share of hydrocarbons (exclusive of hydrocarbons' transportation costs, banking expenses, customs costs, independent surveyor, marketing and insurance costs, and also exclusive of the revenues from the SOCAR's share in the projects of which it is an investor, shareholder or partner)

10 365 432.0

2.2

Acreage fees by the foreign investors for use of the contract areas in connection with the development of hydrocarbon resources

3 342.8

2.3

Revenues generated from oil and gas transit over the territory of the Republic of Azerbaijan

8 137.0

2.4

Revenues from management of SOFAZ's assets

319 218.8

2.5

Other incomes according to the legislation

900.0


Total

10 697 030.6


3. To define that the expenditures of the budget of the State Oil Fund of the Republic of Azerbaijan for the year 2012 are assigned to the following purposes:

№

Directions of expenditures

Amount
(in thousand manats)

3.1

The expenditures for financing some projects concerning solution of the social and settlement problems of the refugees and internally displaced persons

110 000.0

3.2

Transfer to 2012 State Budget of the Republic of Azerbaijan

9 905 000.0

3.3

Financing the reconstruction of the Samur-Absheron irrigation system

200 000.0

3.4

Financing "Baku-Tbilisi-Kars railway" project


252 484.0

3.5

Financing "State Programme on education of Azerbaijan youth in foreign countries in 2007-2015"

20 000.0

3.6

Oil Fund's operating expenditures

73 820.0


Total

10 561 304.0

4.To approve "The framework (program) of the main directions of utilization of Oil Fund's assets for 2012"

5. To approve estimate of expenditures related to the management of the State Oil Fund of the Republic of Azerbaijan for 2012.

Ilham Aliyev,

The President of the Republic of Azerbaijan

Baku,December 29, 2011